Economic Terms

Term which refers to the products of services originating in one’s own country

• bartering

• domestic

• tariff

• wage

The act of economically punishing another nation

• production quota

• sanction

• trade barrier

• traditional economy

Any activity which slows or outright blocks the free exchange of goods and services between nations

• embargo

• quota

• tariff

• trade barrier

A trade barrier which blocks all trade with another nation

• quota

• tariff

• embargo

• protective

a trade barrier which places a tax on imported goods

• tariff

• embargo

• protective

• quota

A system of exchange whereby one good/service is given in return for another; does not require monetary exchange

• command economy

• production quota

• subsistence

• bartering

Producing only what is necessary for personal use/survival

• scarcity

• famine

• drought

• subsistence

An economic system based on individual choices and voluntary trade.

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

An economy that has features of more than one of the economic systems.   

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

What are tangible objects that satisfy economic wants and needs?

• Goods
• Services
• Market
• Economy